Page 16 - LatAmOil Week 30 2021

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The claimant is requesting the Court to issue a
preliminary injunctive relief measure to cause
the Ministry of Finance and Public Credit and
Ecopetrol “to refrain from continuing the pro-
cess to sell the Nation’s share ownership in ISA
to Ecopetrol.”
Ecopetrol opposes the injunctive relief on
the grounds that the claim has no legal basis.
In its statement, Ecopetrol exposes the techni-
cal, financial, and legal arguments that show
that Fundación Dilo Colombia did not comply
with the legal requirements for said preliminary
injunctive relief measure to be granted. In addi-
tion, Ecopetrol explained that the potential sale
of the Nation’s ownership in ISA is allowed by
Colombian legislation, maximises benefits to the
Nation and to Ecopetrol, and does not threaten
or violate any of the collective rights invoked by
the claimant.
Ecopetrol will continue to defend the legality
of the potential ISA transaction in all stages of
the judicial process described herein. proceedings, and the amount of BRL30.2bn, this milestone, particularly given that drill-
Ecopetrol is the largest company in Colom- classified as possible loss, is included as non-pro- ing began in May 2020 during the COVID-19
bia and one of the main integrated oil and gas visioned judicial proceedings. pandemic,” said Eugene Okpere, Shell’s Senior
conglomerates in Latin America, with more than Petrobras informs that today’s decision may VP and Country Chair. “Our execution strat-
13,000 employees. be appealed and is evaluating whether there will egy had to be completely overhauled to deliver
It accounts for more than 60% of the hydro- be effects on its financial statements. our business plan, all while working remotely.
carbon production in Colombia, and it owns Petrobras, July 28 2021 It required tremendous resilience, adaptability
the largest refineries and most of the country’s and commitment.”
oil-pipelines and multi-purpose pipelines net- The ECMA is one of the most prolific
work. It also participates in the commerciali- UPSTREAM gas-producing areas in Trinidad and Tobago.
sation of energy and in the distribution of gas. As part of Shell’s development strategy, the com-
At the international level, Ecopetrol focuses Shell delivers first gas pany has sought ways to access the significant
on strategic basins on the American continent, volumes that exist in the ECMA and to bring
with E&P operations in the United States (the from Barracuda project them online.
Permian basin and the Gulf of Mexico), Brazil Background: First gas at Barracuda was
and Mexico. Shell Trinidad and Tobago (through BG Inter- reached on July 18, 2021, and the estimated
Ecopetrol, July 29 2021 national, a subsidiary of Royal Dutch Shell) has production for Barracuda represents 100% total
announced that production has started on Block gross figures.
Petrobras comments 5C in the East Coast Marine Area (ECMA) in The Barracuda project comprises two sub-
Trinidad and Tobago. This marks a significant sea wells (both 100% Shell owned), one in the
on favourable decision milestone in the delivery of gas both domesti- Endeavour field and the other in the Bounty
cally and internationally through Atlantic LNG.
field. Both are tied back to Shell’s Dolphin
related to labour lawsuit resilience and competitiveness of Shell’s position These are two of the deepest development
“Today’s announcement strengthens the platform.
Petrobras informs that, on this date, it became in Trinidad and Tobago,” said Maarten Wetse- wells in Trinidad and Tobago; Endeavour was
aware of a favourable decision handed down by laar, Director of Integrated Gas, Renewable and drilled to a depth of 20,000 feet (6,096 metres),
the Minister Reporter of the Federal Supreme Energy Solutions. “This is a key growth oppor- while Bounty was drilled to a depth of 16,000 feet
Court, in appeals filed against the decision of the tunity that supports our long-term strategy in (4,877 metres).
Superior Labor Court on the review of the meth- the country as well as our global LNG growth Shell now looks forward to the delivery of the
odology for calculating the Minimum Compen- ambitions.” four-well development project in Block 22 and
sation Per Level and Working Regime (RMNR) Block 5C, known as Project Barracuda, is a NCMA 4, known as the Colibri project. This is
complement. backfill project with approximately 25,000 bar- a joint venture with Heritage Petroleum Com-
The Reporting Minister’s decision recognises rels of oil equivalent per day (boepd) or 140 mcf pany Limited. First gas from Colibri is expected
the validity of the collective bargaining agree- per day of sustained near-term gas production in 2022.
ment freely entered into between Petrobras and with peak production expected to be approx- Shell is a major shareholder in Atlantic LNG,
the unions, reversing the Superior Labor Court imately 40,000 boepd (220 mcf per day). It is a significant global producer of LNG. Our equity
decision. Shell’s first greenfield project in the country and in the Atlantic plant ranges from 46% to 57.5% in
In the quarterly report of March 31, 2021, one of its largest in Trinidad and Tobago since each of the four trains at the facility.
for these processes, the amount of BRL700mn, the BG Group acquisition. Shell announced a Final Investment Decision
classified as probable loss, is recognised in liabil- “We are immensely proud of our people (FID) for Project Barracuda in January 2020.
ities as provision for judicial and administrative and the remarkable work it took to achieve Shell, July 22 2021

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